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Best Practice Database
Market Research, Analytics and Forecasting » Building Influence and Enhancing Business Value
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5 Data Graphics
3 Best Practices
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The role of the market research function is expanding to provide valuable insights that are strategically important to brand and marketing teams. As part of this increased work load, market research leaders are increasingly relying on vendors and outsourcing.
Best Practices, LLC conducted this research to understand the best practices in managing vendor relationships. This study reviews how leading companies use guidelines to identify "best fit" vendors, integrate preferred vendors into the supply chain and use a hands-on approach to manage vendors.
The research employed a data gathering approach that gleaned quantitative data from 42 manager and executives from 34 leading companies in pharmaceutical, biotechnology and medical device industries. In addition, six executives participated in in-depth interviews.